When filing a Chapter 7 bankruptcy, you can expect the standard bankruptcy process to take about four months. The process ends with a liquidation of unsecured assets or discharge of debts. When filing a Chapter 13 bankruptcy, where you pay back some or all of your debts, you can expect the standard bankruptcy process to take from three to five years. Regardless of the timeline of your bankruptcy, there are a few key deadlines that are key in every bankruptcy case.
3 Key Bankruptcy “Dates” to Remember:
Filing Date: The date the case is filed is the most important date or deadline in any bankruptcy case. This is the date on which the automatic stay goes into effect providing protection against creditors seeking payment.
341 Meeting Date: The 341 Meeting, or the Meeting of Creditors, is a key date in any bankruptcy case. Every bankruptcy filer is required to attend a 341 Meeting and answer questions under oath. The meeting is typically about 10 minutes long, takes place in a meeting room or office space (with your attorney by your side). At the Meeting of the Creditors, the Bankruptcy Trustee asks questions (usually yes or no questions), and the bankruptcy filer provides the answers. Creditors have the option to attend the Meeting of Creditors so they can ask questions, but they rarely attend, and if they do, it is generally not contentious.The date of the 341 Meeting is a key deadline in any bankruptcy case because the bankruptcy filer must attend in order to receive a discharge of debt.
Date of Discharge: The final key date in any bankruptcy case is the date of discharge. When the bankruptcy process is complete, and all bankruptcy requirements have been met, the bankruptcy filer receives a Discharge Order. The Discharge Order is an order of the court officially discharging and eliminating all eligible debts. The Discharge Order is the standard final conclusion to a bankruptcy case.
If you have questions about other important dates during the bankruptcy process, we can help. Find out more about getting a fresh financial start through bankruptcy. Get in touch with Kenneth C. Rannick P.C., Tennessee, and Georgia bankruptcy attorney as soon as possible.